Industrial Revolution I

January 17, 2011 Industrial Revolution I Terms: Psysiocrats Adam Smith, The Wealth of Nations (1776) James Hargreaves Richard Arkwright James Watt - The political revolutions have been taking place in Europe - But this revolution is based on the demand, no political slogans - There is debate whether 100 years of the industrial revolution, is can be classifies as a revolution - Acceleration of economic growth emergence of the capitalism economy - Introduction to machinery productivity increased and lead to factory work, which came with a set of its own problems - Industrial revolution changes the face of Europe - Changes were significant or may be revolutionary - Changes for the working class were staggering - Central to the growth of the capitalistic system first flourished in Italy and then expanded to Europe was limited by centralized governments - Capitalism private property and profit motive, driven by market was essential to get the restrains off - Consumer consumption drives capitalism - Need for new markets - Enlightenment people agreed that the right to property was an inalienable right - If you freed up trade, like psysiocrats argued, more wealth could be generated - Psysiocrats French economic thinkers o Central idea of the school out their faith in land o Psysiocrat means the rule of nature o Did not believe that manufacturing could produce the same amount of wealth as land o Refereed to manufacturing as sterile form of economy www.notesolution.com